Tesla shares collapse after the company unveils the Y model

The new Tesla Model Y is presented. Tesla has expanded its model lineup to include an SUV based on the current Model 3.

The Y model will cost between $ 39,000 and $ 60,000 depending on the extras and is about 10% larger than the Tesla Model 3 mid-size sedan. It features seven seats, a panoramic glass roof and 66 cubic feet of cargo space, said Musk, showing off a prototype Y model at Tesla Design Center on Thursday night.

Nelson said the design of the car was "more or less" what he was expecting.

"The problem was the timing of the first deliveries," Nelson said. "At the Tesla shareholders' meeting last June, Musk said that the first model Y shipments would take place in the first half of 2020, now it announces the autumn of 2020 for the more expensive versions and the spring of 2021 for the $ 39,000 version ".

The competition really intensifies against Tesla, from Ford to Ferrari companies planning to introduce their own fully electric range in the coming years.